EBRD plans for more green loans to Egypt
The European Bank for Reconstruction and Development (EBRD) is set to lend QNB Al Ahli USD 50 mn to on-lend to green and renewable energy projects, pending approval on 14 July, according to the bank’s website. The loan — USD 7.5 mn of which will be financed by the Green Climate Fund (GCF) — will channel funds to SMEs and individual households for green projects and “high performance technologies” designed to deliver a greener economy. Borrowers in diverse sectors such as residential, agribusiness, industrial, commercial and service sectors will receive funds.
This is the second green EBRD loan we’ve heard about this month, after it green-lit a USD 100 mn loan to the National Bank of Egypt to on-lend to green projects.
The EBRD, in its own words: We recently sat down with EBRD President Odile Renaud-Basso + SEMED Managing Director Heike Harmgart to talk about all things green economy in Egypt.